Miami Beach home seeks $8M increase from its price last year

Real Estate

By Hannah Frishberg

That’s some serious profit potential. 

A palatial South Florida estate is formally on the market for the first time, and looking to get exponentially more than what it sold for 18 months ago. 

In Miami Beach’s guard-gated community of Hibiscus Island, this seven-bedroom, 7.5-bathroom beachfront compound is seeking $37.5 million, more than $8.3 million above what it sold for in May 2022, the Wall Street Journal first reported. It speaks to the surging values in real estate in the area, which for the past several years has been fueled by high demand for living in the Sunshine State.

“This is the ultimate property with dock boasting mesmerizing views of the downtown skyline and everything the discerning luxury buyer is looking for today,” said Jill Eber of the Jills Zeder Group at Coldwell Banker, who holds the listing with Jill Hertzberg. 

The sellers, the founder of mobile games publisher Tilting Point Kevin Segalla and his wife, the investment manager Michelle Segalla, purchased the property off-market from developer Ilya Karpov last year, when area prices were significantly lower, according to the Journal.

Primely located minutes from both South Beach and Miami’s downtown core, the residence is set on a 15,750-plus-square-foot lot, boasting more than 7,800 square feet of living space and 90 feet of Biscayne Bay waterfront. 

Upon entry through its gates, visitors are greeted by a waterfall and various decorative pools — as well as an enormous space, the open plan of which links the kitchen, the dining room, a media center, a 108-bottle wine cabinet and a cocktail lounge.

From here, there’s direct access to the outside waterfront area, including an infinity-edge pool, a summer kitchen, a dock and landscaped gardens.

The second-floor primary suite has a private terrace, a sitting area, a plunge pool, two walk-in closets, a double rain shower and a bar. 

There are four more bedrooms on the top floor, all with ensuite baths, walk-in closets, motorized shades, terraces and floor-to-ceiling windows.

Other amenities include a wood-paneled elevator, a catering kitchen, rooftop solar panels and a fully air-conditioned two-car garage.